The invention encourages users to not only pay themselves first, but to pay themselves first in the largest amounts possible, even if they are not able to fully pay outstanding debts. In general, the system obtains information related to the user's income, income sources, user's debts (e.g., bills) and user's goals. The system then provides recommendations related to the prioritization of paying certain bills and the amount to pay for each bill based upon, for example, savings goals, minimum amounts due, due dates and available income. The system and/or the user may then determine a payment hierarchy which includes transferring funds to the user's savings account prior to paying all or a portion of certain bills. The system also transfers instructions related to payment of user debts to an automatic bill payment system to facilitate payment of the user debts.
Legal claims defining the scope of protection. Each claim is shown in both the original legal language and a plain English translation.
1. A method, comprising: receiving, at a computer, user financial information including user savings goal information, user debt information and user income information, wherein said user debt information includes information relating to a plurality of debt obligations of a user; analyzing, by the computer, the user debt information to determine one or more respective penalties associated with the plurality of debt obligations; determining, at the computer and based on the received user financial information and the analyzing, a recommended payment hierarchy for the user, wherein the recommended payment hierarchy specifies a payment amount and a payment timing for each of the plurality of debt obligations such that the recommended payment hierarchy minimizes the associated penalties, and wherein the determining further includes determining a savings amount to be transferred to an account of the user, wherein the savings amount is determined based at least in part upon the user savings goal information, the user debt information, and the user income information, and wherein the recommended payment hierarchy specifies a timing for transfer of the savings amount to the account of the user; and causing the recommended payment hierarchy to be presented to the user.
A computer system helps users prioritize savings alongside bill payments. It receives user financial data: income, savings goals, and debt information (bills, loan payments, etc.). The system analyzes the debt information to determine penalties (late fees, interest). Based on all this data, it recommends a payment schedule showing how much and when to pay each debt, aiming to minimize penalties. Crucially, it also calculates a savings amount and its transfer timing, considering the user's goals, debts, and income. The system then displays this recommended payment plan to the user.
2. The method of claim 1 , further comprising: establishing a payment hierarchy based on the recommended payment hierarchy.
Building upon the payment system that recommends savings alongside bill payments using user income, debt, and savings goals, this part describes the creation of an actual payment schedule. Instead of just a recommendation, the system *establishes* a final payment hierarchy based on the recommended payment hierarchy. This established hierarchy dictates the order and timing of payments and savings transfers.
3. The method of claim 2 , further comprising: the computer transferring, to an automatic bill payment system, the established payment hierarchy, wherein the automatic bill payment system is configured to implement the established payment hierarchy.
Expanding on the creation of a payment schedule which balances user savings and debt repayment, after the computer system has established a payment hierarchy, it transfers this established payment plan to an automatic bill payment system. This external system (e.g., a banking service) then automatically executes the payments and savings transfers according to the set schedule.
4. The method of claim 2 , wherein the established payment hierarchy is determined by the computer based on the recommended payment hierarchy.
In the payment system balancing debt and savings, the final payment schedule isn't just based on the *recommendation* but is *determined* by the computer based on the recommended payment hierarchy. This means the system automatically finalizes the schedule, perhaps with some internal logic or constraints, without requiring direct user intervention at this stage.
5. The method of claim 2 , wherein the established payment hierarchy is determined in part by the user based on the recommended payment hierarchy.
Continuing from the method that balances debt repayment and user savings, in this instance, the final payment schedule is determined *partially* by the user, based on the system's recommendation. The user can adjust or override aspects of the recommended payment hierarchy before the final payment schedule is established, retaining some control over the process.
6. The method of claim 1 , wherein the computer is configured to cause an amount equivalent to a portion of any user transaction to be transferred to the account of the user.
The computer system for saving and bill payment is further enhanced to automatically transfer a portion of any user transaction (e.g., a purchase, a deposit) to the user's savings account. For example, a percentage of every purchase made using a linked card is automatically routed to the user's savings.
7. The method of claim 2 , further comprising: determining if sufficient user funds exist to pay the plurality of debt obligations before causing an automatic bill payment system to implement the established payment hierarchy.
Further to the process of establishing a payment hierarchy based on user savings, income, and debt, before the automatic bill payment system starts executing the scheduled payments, the computer system checks if the user has enough funds to cover all debts. This avoids overdrafts or failed payments by verifying sufficient funds exist.
8. The method of claim 1 , further comprising: the computer causing loyalty points to be awarded to the user based on the savings amount transferred to the account of the user.
A method for financial transaction processing involves tracking user spending and automatically transferring savings amounts to a designated account. The system monitors transactions, identifies eligible savings amounts, and transfers these amounts to a user's savings account. The method further includes awarding loyalty points to the user based on the savings amount transferred. The loyalty points may be redeemable for rewards or discounts. The system ensures secure and efficient handling of financial data while encouraging users to save money through automated transfers. The method may also include generating reports or notifications to inform the user of savings activity and loyalty point balances. The system integrates with existing financial accounts and payment networks to facilitate seamless savings transfers. The method aims to simplify savings management and incentivize users to save by providing tangible rewards for their savings behavior. The loyalty points system enhances user engagement and encourages continued use of the savings feature. The method may also include customizable savings rules, allowing users to set specific criteria for savings transfers. The system ensures compliance with financial regulations and data security standards.
9. A non-transitory computer-readable storage medium having computer-executable instructions stored thereon that, if executed by a computer system, cause the computer system to perform operations comprising: receiving user financial information including user savings goal information, user debt information and user income information, wherein said user debt information includes information relating to a plurality of debt obligations of a user; analyzing the user debt information to determine one or more respective penalties associated with the plurality of debt obligations; determining, based on the received user financial information and the analyzing, a recommended payment hierarchy for the user, wherein the recommended payment hierarchy specifies a payment amount and a payment timing for each of the plurality of debt obligations such that the recommended payment hierarchy minimizes the associated penalties, and wherein the determining further includes determining a savings amount to be transferred to an account of the user, wherein the savings amount is determined based at least in part upon the user savings goal information, the user debt information, and the user income information, and wherein the recommended payment hierarchy specifies a timing for transfer of the savings amount to the account of the user; and causing the recommended payment hierarchy to be presented to the user.
A software program automates savings alongside bill payments. The program receives user financial data: income, savings goals, and debt information (bills, loan payments, etc.). It analyzes the debt information to determine penalties (late fees, interest). Based on all this data, it recommends a payment schedule showing how much and when to pay each debt, aiming to minimize penalties. Crucially, it also calculates a savings amount and its transfer timing, considering the user's goals, debts, and income. The program then displays this recommended payment plan to the user.
10. The non-transitory computer-readable storage medium of claim 9 , wherein the operations further comprise: establishing a payment hierarchy based on the recommended payment hierarchy.
Building upon the software program managing savings and debt, after it recommends a payment schedule that includes both bill payments and savings transfers based on the user's financial situation, it then establishes a final payment schedule based on that recommendation.
11. The non-transitory computer-readable storage medium of claim 10 , wherein the operations further comprise: transferring, to an automatic bill payment system computer, the established payment hierarchy, wherein the automatic bill payment system computer is configured to implement the established payment hierarchy.
Expanding on the software automating payments based on a user's financial data, after the payment system has established a final payment hierarchy based on a user's debt, income, and savings goals, it transfers this payment hierarchy to an automatic bill payment system computer. That external system then executes the payment schedule automatically.
12. A method, comprising: receiving, at a computer, user financial information including user savings goal information, user debt information and user income information, wherein said user debt information includes information relating to a plurality of debt obligations of a user; determining, at the computer and based on the received user financial information, a recommended payment hierarchy for the user, wherein the recommended payment hierarchy specifies a payment amount and a payment timing for each of the plurality of debt obligations, and wherein the determining further includes determining a savings amount to be transferred to an account of the user, wherein the savings amount and a timing of a transfer of the savings amount are determined based at least in part upon the user savings goal information, the user debt information, and the user income information; the computer presenting the recommended payment hierarchy to the user; establishing a payment hierarchy based at least in part on the recommended payment hierarchy; and the computer causing the established payment hierarchy to be sent to an automatic bill payment system, wherein the automatic bill payment system is configured to implement the established payment hierarchy.
A computer program helps users prioritize savings alongside bill payments by receiving the user's income, savings goals, and debt information. It then determines a recommended payment plan showing the amounts and timings of debt payments and savings transfers. Both the savings amount and its transfer timing are based on the user's goals, debts, and income. The program presents this recommendation to the user, then establishes a final payment schedule based on it. Finally, the system sends the established schedule to an automatic bill payment system for execution.
Cooperative Patent Classification codes for this invention. Click any code to explore related patents in that topic.
May 24, 2004
September 17, 2013
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